I'm Greg McBride with Bankrate.com and here is your weekly look at auto loan rates.
Car buyers are smiling ear-to-ear as rates for both new and used auto loans continue to fall to new record lows. On new car loans, the average 4-year rate is down to 4.41 percent and the average 5-year rate is now 4.52 percent.
Rates for used car loans are plenty attractive too. The average 3-year used car rate dropped to 5.23 percent and the average 4-year loan rate is at 5.3 percent.
Low rates are also a boon for those that may be looking to refinance their auto loans. A successful auto loan refinance requires two things - you must substantially reduce the interest rate and you must do so without stretching the remaining term. Because auto loans are repaid over a relatively short number of monthly payments, you have to really move the needle on the interest rate in order to make the refinancing worthwhile. And if you stretch out the loan term, those extra payments will more than negate the savings from the lower interest rate.
Your best defense against being taken for a ride on your auto loan is to shop around. To see the lowest car loan rates in your area, visit Bankrate.com.
I'm Greg McBride.
New car loan rates fell 1 basis point each.
Used car loan rates keep getting better.
Both new and used car loan rates shifted lower this week.
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